exchange contracts
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English[edit]
Verb[edit]
exchange contracts (third-person singular simple present exchanges contracts, present participle exchanging contracts, simple past and past participle exchanged contracts)
- (law, England and Wales, Northern Ireland, idiomatic) To formally contract to purchase, sell or otherwise be party to a disposition of an estate in land; usually requiring the payment of a deposit by one of the parties.
- (law, England and Wales, Northern Ireland, chiefly by legal practitioners) To create a contract for the disposition of an estate in land between negotiating parties, by a process which is immediately followed by the exchange of executed counterparts of the contract between each party's legal representative.